Discussion
As the American Express thread got off topic debating cash v cards I thought I’d start a new one.
I use cash for purchases up to around £20 and cards for more. I’m surprised to see people paying for drinks in the pub and small purchases in coffee shops etc., with cards. There’s definitely an increase in card use. Is that a good thing or does it lead to more debt?
https://www.fca.org.uk/credit-card-market-study-in...
I use cash for purchases up to around £20 and cards for more. I’m surprised to see people paying for drinks in the pub and small purchases in coffee shops etc., with cards. There’s definitely an increase in card use. Is that a good thing or does it lead to more debt?
https://www.fca.org.uk/credit-card-market-study-in...
bad company said:
As the American Express thread got off topic debating cash v cards I thought I’d start a new one.
I use cash for purchases up to around £20 and cards for more. I’m surprised to see people paying for drinks in the pub and small purchases in coffee shops etc., with cards. There’s definitely an increase in card use. Is that a good thing or does it lead to more debt?
https://www.fca.org.uk/credit-card-market-study-in...
I imagine that most people using cards for small purchases like coffee etc, are using debit cards rather than credit cards. It's for convenience, not for cash flow / borrowing?I use cash for purchases up to around £20 and cards for more. I’m surprised to see people paying for drinks in the pub and small purchases in coffee shops etc., with cards. There’s definitely an increase in card use. Is that a good thing or does it lead to more debt?
https://www.fca.org.uk/credit-card-market-study-in...
I use my credit card for as much spending as possible, whether that is a can of Coke from a vending machine or our next holiday (as long as there are no penalties for using the card!).
Then I get cash back - equates to about £120 per annum in my pocket for using the credit card.
Obviously paid off in full each month.
Mike
Then I get cash back - equates to about £120 per annum in my pocket for using the credit card.
Obviously paid off in full each month.
Mike
I use cash for most things, if the vendor takes cash I pay that way, difficult to pass cash down the phone for tickets or other things I might book, I regularly take card payments at work for small amounts that almost cost us money, I've suggested we make a minimum amount of say a £5 but it seems to be too much bother for the accounts dept.
Yep, contactless helps. I like paying for petrol and London tube fares with my Apple Watch. Can’t bring myself to use it in the pub tho.
I was in a bar in London a few weeks ago which only took cards, no cash. They also wouldn’t take my Amex card, that was a few days before the VISA outage. I wonder how they got on with MasterCard only.
I was in a bar in London a few weeks ago which only took cards, no cash. They also wouldn’t take my Amex card, that was a few days before the VISA outage. I wonder how they got on with MasterCard only.
I used to have a Amex cashback card but found I was spending far more than I usually would and only getting £100ish back in cash back so it just isn’t worth it
Only use cash if they don’t take card, 95% of my daily stuff if using Apple Pay, card if it’s over the limit.
Cash is a faf, only use it for the window cleaner and barbers
Only use cash if they don’t take card, 95% of my daily stuff if using Apple Pay, card if it’s over the limit.
Cash is a faf, only use it for the window cleaner and barbers
bad company said:
Yep, contactless helps. I like paying for petrol and London tube fares with my Apple Watch. Can’t bring myself to use it in the pub tho.
I was in a bar in London a few weeks ago which only took cards, no cash. They also wouldn’t take my Amex card, that was a few days before the VISA outage. I wonder how they got on with MasterCard only.
Interesting. Can a business refuse to take cash as it's legal tender?I was in a bar in London a few weeks ago which only took cards, no cash. They also wouldn’t take my Amex card, that was a few days before the VISA outage. I wonder how they got on with MasterCard only.
S100HP said:
funinhounslow said:
Interesting. Can a business refuse to take cash as it's legal tender?
Of course they can. They can't refuse to take cash to settle a debt however.
, so I had to used my card. Credit card for everything - Airmiles don't grow on trees.
As for the comment about 'legal tender'. This is only relevant when paying for an existing debt, not when making a purchase. There are a growing number of card-only stores - It's easier, there's no cash theft/loss to worry about, and transactions are quicker without counting change.
I love Apple Pay - It's been a real help in situations without my wallet - For example at the gym when I realise I've forgotten my water bottle, I can use my phone to buy a bottle from the machine.
As for the comment about 'legal tender'. This is only relevant when paying for an existing debt, not when making a purchase. There are a growing number of card-only stores - It's easier, there's no cash theft/loss to worry about, and transactions are quicker without counting change.
I love Apple Pay - It's been a real help in situations without my wallet - For example at the gym when I realise I've forgotten my water bottle, I can use my phone to buy a bottle from the machine.
“Legal tender” is one of the least understood concepts surrounding money.
To start with, legal tender is an English concept. Scotland doesn’t have the concept.
Whether or not a note or coin is “legal tender” has no bearing on whether or not it is valid currency. Scottish bank notes, for example, are not legal tender in England, but that doesn’t mean they’re not valid currency here, provided the shopkeeper chooses to accept them.
Legal tender is only a relevant concept for the settlement of a pre-existing debt. When you’re standing at the checkout in a shop, you haven’t yet taken the goods away, therefore you don’t owe a debt to the shop. You are offering a transaction in which you exchange the goods for the payment that you’re offering, and the shopkeeper is entirely within their rights to decline that transaction for (almost) whatever reason they choose - including “we don’t accept £50 notes”, or “we don’t accept Scottish notes”.
Legal tender is therefore totally irrelevant in shops. Shops can choose to accept or decline whichever forms of payment they want (or don’t want).
However, if a builder has done some work to your house, it’s impractical to return the goods or reverse the work, so you therefore owe the builder a debt. If you offer legal tender as payment, then the builder must accept it - and that means any sensible denominations of cash (although there are exceptions to allow them to decline a wheelbarrow full of penny pieces). Similarly if you’ve eaten a meal in a restaurant you can’t return the food (at least, not in a form that anyone would want), so they must accept legal tender when offered.
Paying for drinks in a bar is an interesting one, because once served into glasses they can’t exactly be unserved. But at that point the drinks haven’t been taken away and consumed, so legal tender isn’t relevant.
To start with, legal tender is an English concept. Scotland doesn’t have the concept.
Whether or not a note or coin is “legal tender” has no bearing on whether or not it is valid currency. Scottish bank notes, for example, are not legal tender in England, but that doesn’t mean they’re not valid currency here, provided the shopkeeper chooses to accept them.
Legal tender is only a relevant concept for the settlement of a pre-existing debt. When you’re standing at the checkout in a shop, you haven’t yet taken the goods away, therefore you don’t owe a debt to the shop. You are offering a transaction in which you exchange the goods for the payment that you’re offering, and the shopkeeper is entirely within their rights to decline that transaction for (almost) whatever reason they choose - including “we don’t accept £50 notes”, or “we don’t accept Scottish notes”.
Legal tender is therefore totally irrelevant in shops. Shops can choose to accept or decline whichever forms of payment they want (or don’t want).
However, if a builder has done some work to your house, it’s impractical to return the goods or reverse the work, so you therefore owe the builder a debt. If you offer legal tender as payment, then the builder must accept it - and that means any sensible denominations of cash (although there are exceptions to allow them to decline a wheelbarrow full of penny pieces). Similarly if you’ve eaten a meal in a restaurant you can’t return the food (at least, not in a form that anyone would want), so they must accept legal tender when offered.
Paying for drinks in a bar is an interesting one, because once served into glasses they can’t exactly be unserved. But at that point the drinks haven’t been taken away and consumed, so legal tender isn’t relevant.
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